Shares in Vicarious Surgical, a robotics technology company seeking to improve both cost and efficiency of surgical procedures as well as patient outcomes, have started trading on the New York Stock Exchange.
The shareholders of D8 Holdings Corp approved the move in September and the initiative is expected to provide approximately $220 million in gross proceeds to fund the further development and planned commercialization of the company’s single-incision surgical robot that virtually transports surgeons inside the patient to perform minimally invasive surgery.
Following the close of the transaction, the combined company will be renamed “Vicarious Surgical Inc”.
Its Class A common stock and warrants are being traded on the New York Stock Exchange under the symbols “RBOT” and “RBOT WS,” respectively.
With its disruptive next-generation robotics technology, Vicarious Surgical is seeking to increase the efficiency of surgical procedures, improve patient outcomes, and reduce healthcare costs. Vicarious Surgical believes that the Vicarious System is the first surgical robotic system to receive Breakthrough Device Designation from the US Food and Drug Administration.
The total $142 million PIPE supporting the transaction is funded by multiple strategic investors including global medical technology company Becton, Dickinson and Company, major hospital groups in the US and Asia, and surgical robotics pioneer Roberta Lipson, founder of United Family Healthcare and its predecessor Chindex International and CEO of New Frontier Health Corporation.
Technology luminaries Bill Gates, Vinod Khosla’s Khosla Ventures, Innovation Endeavors, Sun Hung Kai and Philip Liang’s E15 VC are also investing.
Adam Sachs, CEO and co-founder of Vicarious Surgical, says: “Today’s vote approving our business combination is an exciting and important milestone on our path to challenge the complexity and limited adoption of robotic surgery with a system designed to provide improved access, surgical capability, and visualization to patients and providers in both the US and international markets.
“We look forward to transforming the future of surgical robotics, with our company backed by global institutional support, multiple large-scale strategic partners, and investment from distinguished healthcare executives with deep experience in driving surgical robotic adoption.”
Donald Tang, president of D8 and managing partner of Celadon Partners, says: “The combination of D8 and Vicarious Surgical will open a transformative new chapter in the field of surgical robotics.
“We believe Vicarious Surgical is advancing the state of the art, resolving longstanding technical challenges that have limited the capabilities and adoption of surgical robots.
“We believe in Vicarious Surgical’s potential to drive a paradigm shift in the cost and accessibility of certain surgical procedures as well as improvements to patient outcomes. We consider Vicarious Surgical to be a thought leader in the surgical space and we believe the market is ready for surgical robots that drive efficiency and improved quality of patient care.
“We see the need for greater innovation and choice to patients and practitioners, both in the US and abroad, believe Vicarious Surgical can meet that need, and are excited to support Adam on this incredibly important mission.”
The combined company will be led by Adam Sachs as CEO and president, alongside its highly experienced executive team including Sammy Khalifa as CTO, William Kelly as CFO, and June Morris as chief legal officer and general counsel.